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Soft Magnetic Composite Market To Deliver Prominent Growth & Striking Opportunities During 2033

Ayesha Jadhav's photo
Ayesha Jadhav
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6 min read

Straits Research, a leading provider of market intelligence, has released a comprehensive report on the global Soft Magnetic Composite (SMC) Market, which was valued at USD 4.12 billion in 2023. The market is expected to experience significant growth, with projections reaching USD 7.59 billion by 2032, driven by a compound annual growth rate (CAGR) of X% during the forecast period. This substantial market growth reflects the increasing adoption of soft magnetic composites in various sectors, particularly in automotive, industrial machinery, and energy applications.

Soft magnetic composites are advanced materials made by combining magnetic powders, such as iron powder, with a polymer binder to create a composite material. These composites exhibit excellent magnetic properties, including high permeability and low coercivity, which makes them suitable for use in alternating magnetic fields. They are primarily used in electronic components such as motors, transformers, and inductors.

The latest trends in the soft magnetic composite market include:

  1. Miniaturization of Components: As the demand for smaller, more efficient electronic devices rises, soft magnetic composites are becoming a go-to material due to their compact design and high performance in limited spaces. SMCs are essential for the development of small yet powerful components for devices such as sensors, actuators, and power supplies.

  2. Electrification in the Automotive Industry: The automotive sector is undergoing a transformation with the rise of electric vehicles (EVs). Soft magnetic composites are being used in electric motors, power electronics, and battery management systems to enhance the efficiency and performance of EVs, driving significant demand in the sector.

  3. Growth of Renewable Energy: The renewable energy industry, particularly wind and solar power, is increasingly relying on advanced materials such as SMCs to optimize energy generation and transmission systems. Soft magnetic composites are vital for the development of high-efficiency transformers, inverters, and electrical grids used in renewable energy applications.

  4. Improved Manufacturing Technologies: Recent advancements in manufacturing processes, such as powder metallurgy and molding techniques, have significantly improved the quality and magnetic properties of soft magnetic composites. These developments are expanding the scope of applications and enhancing the material's potential in various industries.

  5. Sustainability and Energy Efficiency: As industries prioritize sustainability and energy efficiency, soft magnetic composites are gaining traction due to their ability to reduce energy losses in electrical components. The growing emphasis on green technologies and energy-efficient systems further supports the demand for SMCs.

Growth Factors

The soft magnetic composite market is poised for substantial growth, driven by several key factors:

  1. Increasing Demand for Efficient Motors and Electrical Components: With the ongoing trend toward energy efficiency, there is a rising need for advanced materials that can enhance the performance of motors, transformers, and inductors. Soft magnetic composites are a perfect solution, offering high magnetic permeability and minimal energy losses, making them ideal for applications requiring efficient electrical components.

  2. Automotive Electrification and Electric Vehicles: The electric vehicle market is expected to be one of the most significant drivers of growth for the soft magnetic composite market. EVs require high-performance electric motors and power electronics, both of which benefit from the use of SMCs. The increased adoption of EVs worldwide is fueling the demand for soft magnetic composites in this sector.

  3. Energy Efficiency in Industrial Machinery: Industries such as manufacturing and robotics are increasingly adopting smart machinery that requires compact and energy-efficient components. Soft magnetic composites offer a unique combination of high magnetic performance, ease of integration, and reduced energy consumption, making them ideal for these applications.

  4. Renewable Energy Demand: As the world transitions to renewable energy sources, the need for high-efficiency electrical components in power generation and transmission systems grows. SMCs play a key role in improving the performance and efficiency of transformers, motors, and other critical components used in renewable energy applications.

  5. Miniaturization and Integration: The global trend toward miniaturization in consumer electronics, automotive, and telecommunications sectors is driving demand for materials that can provide high performance in compact sizes. Soft magnetic composites can be molded into various shapes and sizes, making them highly versatile for miniaturized applications.

Opportunities

The soft magnetic composite market presents numerous opportunities for both established companies and new entrants:

  1. Expansion in Electric Vehicle and Hybrid Vehicle Market: The shift toward electric and hybrid vehicles presents a lucrative opportunity for soft magnetic composites. These vehicles require efficient electric motors, sensors, and power electronics, all of which can be optimized with SMCs. Manufacturers can benefit from this trend by expanding their offerings to the automotive industry.

  2. Renewable Energy Integration: As countries worldwide invest more in renewable energy infrastructure, there is an increasing demand for efficient electrical systems. Soft magnetic composites are vital for the development of high-performance components used in renewable energy technologies such as wind turbines and solar inverters.

  3. Innovations in Soft Magnetic Composite Materials: There is a significant opportunity for companies to innovate and develop new types of soft magnetic composites with improved magnetic properties, higher performance, and greater efficiency. This would allow for their use in new applications, including aerospace, telecommunications, and medical devices.

  4. Smart Manufacturing and Industrial Automation: The rise of smart manufacturing and industrial automation creates an opportunity for SMCs in applications such as robotics, automated machinery, and sensors. As industries increasingly move toward automated and energy-efficient production systems, the demand for advanced materials like SMCs is expected to rise.

  5. Geographic Expansion into Emerging Markets: Developing economies, especially in Asia-Pacific, offer significant growth potential for the soft magnetic composite market. As industries in these regions adopt more advanced technologies, there is a growing demand for high-performance electrical components, presenting an opportunity for market expansion.

Market Segmentation

The soft magnetic composite market is segmented by material type, application, and end-user industry:

By Material Type:

  1. Iron Powder: Iron powder is the most widely used material in soft magnetic composites, offering excellent magnetic properties at a lower cost.

  2. Silicon Ferrite: Silicon ferrite is preferred for its high saturation magnetization and low core loss, making it suitable for energy-efficient applications.

  3. Electrical Steel: Electrical steel offers superior magnetic performance, especially in high-power applications such as transformers and large motors.

  4. Others: Includes various specialized materials designed for specific applications.

By Applications:

  1. Electrical Coils: SMCs are used in electrical coils for various applications such as transformers and inductors.

  2. Motors: Soft magnetic composites are essential in electric motors, improving efficiency and reducing energy losses.

  3. Generators: SMCs enhance the performance of generators used in power plants and industrial applications.

  4. Transformers: Transformers benefit from the high efficiency and low energy loss of SMCs, particularly in power distribution and industrial applications.

  5. Inductors: SMCs are used in inductors for energy storage and magnetic field control.

  6. Sensors: The demand for magnetic sensors in automotive, industrial, and consumer electronics applications is driving the use of SMCs in this area.

  7. Others: SMCs are used in a wide range of other applications, including telecommunications and aerospace.

By End-User Industry:

  1. Automotive: Soft magnetic composites are widely used in electric vehicles and hybrid electric vehicles for electric motors and power electronics.

  2. Industrial Machinery and Equipment: SMCs enhance the performance and efficiency of various industrial machinery components, including motors, sensors, and actuators.

  3. Consumer Goods: SMCs are used in a variety of consumer electronics, including home appliances and personal devices.

  4. Energy: SMCs are crucial for the development of efficient power generation, transmission, and distribution systems, particularly in renewable energy applications.

  5. Others: SMCs are also used in sectors like aerospace, telecommunications, and medical devices.

Key Players in the Soft Magnetic Composite Market

The soft magnetic composite market is competitive, with several prominent players contributing to its growth:

  1. Högänäs AB

  2. Hitachi Metals, Ltd.

  3. PMG Holding GmbH

  4. GKN Sinter Metals

  5. Sumitomo Metal Mining Co., Ltd.

  6. Mitsubishi Materials Corporation

  7. VACUUMSCHMELZE GmbH

Contact Information

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Website: https://straitsresearch.com

Soft Magnetic Composite Market